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Gov. Murphy signs measure overhauling state's school funding law

Gov. Phil Murphy has signed legislation that will revamp the state's school funding formula.

The measure will redistribute school aid among districts and require tax hikes in some communities. Proponents say it will help give the state's 577 districts the funding they need to provide better education for all students.

Murphy signed the measure Tuesday at an elementary school in Cliffside Park, calling it "long overdue."

After @GovChristie underfunded public education by $9 billion, we are making a long overdue reinvestment in our schools.

"We need to make sure the means of funding public education, the single largest investment in the budget, and the among the most important investments made by state government, works for today and tomorrow, not just yesterday,” Murphy said.

The legislation modifies the current school funding law to eliminate adjustment aid as well as state aid growth caps and allows adjustments to tax growth limitations for certain school districts.